Threads gets a funding boost from C Ventures and Highland Europe
Threads, a chat commerce business that helps millennial find the right luxury outfit and accessories through social media and messaging, has announced that it raised 20 million dollars in series A from C Ventures and Highland Europe.
Threads, the firm said, uses social media tools such as WhatsApp, Instagram, Snapchat and WeChat to help customers find the best luxury items for every occasion, wherever they are in the world focussing on high net worth millennial shoppers. The London-based venture finds, sources and delivers clothes, jewellery and accessories to anywhere in the world by connecting customers. Unlike conventional luxury retailers, Threads added that it does not hold inventory but has direct agreements with luxury brands and suppliers so that it can obtain the required products quickly, sometimes in less than half an hour.
Commenting on the Threads concept, Sophie Hill, Founder and CEO of Threads, said in a statement: “I started the business because I believed that luxury retailers were ignoring my peers, the generation of shoppers under 40. I believe the future of retail involves personalisation and chat. People want something that is akin to a retail experience but they want it through their mobiles and they want unparalleled convenience and availability.”
The company added that Threads, founded in 2010, has been growing rapidly in the last three or four years, with sales doubling every year and that the funding will help Threads, which currently has 90 employees, continue its strong growth as it hires at least 50 more people this year and prepares to open offices in Hong Kong and New York. The new investment will also allow it to develop its customer base in the US and Asia.